Tsakos Energy Navigation has been running an investment program for the renewal of its fleet.
The company is aiming at a 100% green fleet by 2030, as TEN’s founder and CEO Dr. Nikos Tsakos has announced, and it is in a constant renewal of its fleet, selling the older ones and investing either in new orders or in new ones, while taking advantage of the positive market prospects for tankers of all types and LNG carriers, for at least the next three years.
Positive prospects
The positive prospects of the sector, TEN pointed out in its annual report on the US stock market, are determined by four main factors: The continuous rise in demand for oil after the end of the coronavirus pandemic, the Western sanctions against Russia that changed the situation in permanent basis, the small order book which is not expected to increase significantly until the end of 2026 and the tension in the Middle East.
At the operational level, it is noted that the company listed on the NYSE in New York is one of the first in the country to place orders for dual fuel LNG tankers.
The last two of the series were delivered in 2024 and have the Greek flag, while the company received the first two in 2023.
More specifically, as stated in the company’s annual report to the US stock exchange, at the end of December 2023 the company had under construction two aframaxes, two DP2 suezmax shuttle tankers, two suezmax and two MR tankers.
For this program, the company has still to pay an amount of 527 million dollars until 2026.
Also last December, the company bought five tankers for 350 million dollars. The vessels were purchased from Norway’s Viken Crude AS.
The purchases concern two newly built vessels 2023 dual-fuel LNG LR2 aframaxes, a 2019 super-eco suezmax and two 1A ice-class aframaxes with scrubbers built in 2018 and 2019 respectively.
In the first quarter of 2024, the company placed another order, for a DP2 suezmax, worth 149 million dollars.
Finally, and in the context of renewing its fleet, in January 2024 TEN proceeded with the sale of the suezmax type tanker “Eurochampion 2004”, for an amount of 38 million dollars.
It is pointed out that on December 31, 2023 the value of the company’s fleet reached 3.5 billion dollars.
